> Despite the old Whale dumping $9.6 billion, on-chain data shows that institutions continue to accumulate, with exchange balances dropping to a six-year low.
Written by: White55, Mars Finance
The Bitcoin market is witnessing a classic battle between bulls and bears. After reaching a historical high of approximately $123,250, BTC has retraced 7.50% in three weeks, briefly dipping below the $113,000 mark. However, analysts see a more essential trend beneath the surface—the strong support of the 50-day Exponential Moving Average (EMA) coinciding with the neckline of an inverted head and shoulders pattern, creating a technical structure of a "perfect bottom." Meanwhile, on-chain data shows that the $9.6 billion dumping by "old whales" is not necessarily bearish; rather, it resembles the profit-taking after the approval of ETFs in March 2024 and following Trump's victory at the end of 2024.